Morgan Stanley has emerged as the surprise reputational winner from the credit crisis, according to a new survey of institutional investors in the City of London. Less surprisingly, Bear Stearns and Citigroup have suffered the greatest damage to their image.

Despite $4.9bn (€2.4bn) of writedowns, the third-highest total for any of the banks so far, and senior departures that include co-president Zoe Cruz and chief operating officer Jonathan Chenevix-Trench, none of the 92 investors in the survey picked Morgan Stanley as the bank taking the greatest reputational battering.